SC told banks to issue approved loan money to Amrapali home buyers

[caption id="" align="alignnone" width="1170"] Amrapali homes[/caption]

The Supreme Court on Wednesday granted a major relief to Amrapali home buyers. The court has directed banks to release the remaining loan amount, even to those who have declared NPAs.

A bench of Justices Arun Mishra and UU Lalit passed the order keeping in view the current situation. Many housing projects are stalled due to lack of money. The bench posted the next hearing of the case on 17 June. Banks will have to restructure the loan after the court's order.

Earlier in the hearing on June 3, SBICAP Ventures told the Supreme Court that it was ready to fund the stalled projects of the real estate firm's work. SBICAP Ventures had told the apex court that it would constitute an SPV with a court receiver on the board and appoint a chief executive officer for the construction of the stalled projects.

Explain that the stalled projects of Amrapali are currently being constructed by the National Building Construction Corporation (NBCC).

The Supreme Court, in an important judgment on July 23 last year, clamped down on builders to break the trust of home buyers. Apart from this, the court had ordered cancellation of Amrapali Group's registration under Real Estate Act RERA and removed it from Prime Properties.